THE DATA FOR THE ADJUSTMENTS ARE:
1. THE COST OF MERCHANDISE SOLD, $302,990
2. DEPRECIATION ON STORE EQUIPMENT $12,750
3. SUPPLIES INVENTORY, JANUARY 31, $5,210 (PURCHASE OF SUPPLIES DURING THE YEAR WERE DEBITED
TO THE SUPPLIES INVENTORY ACCOUNT
4. EXPIRED INSURANCE, $4,660
5. INTEREST ACCRUED ON NOTES PAYABLE, $3,730
6. SALES SALARIES EARNED BUT NOT PAID TO EMPLOYEES, $3,575
7. INTEREST EARNED ON SAVINGS ACCOUNTS, BUT NOT RECORDED $390.

REQUIRED
1. SET UP T ACCOUNTS WITH BALANCES GIVEN ABOVE
2. JOURNALIZE AND POST ADJUSTING ENTRIES, ADDING OTHER T ACCOUNTS AS NECESSARY.
3. JOURNALIZE AND POST CLOSING ENTRIES.
4. PREPARE AN ADJUSTED TRIAL BALANCE
5. PREPARE IN GOOD FORMAT AN INCOME STATEMENT, A STATEMENT OF RETAINED EARNINGS, AND A BALANCE
SHEET ALL AS OF JANUARY 31,

THE DATA FOR THE ADJUSTMENTS ARE:
1. THE COST OF MERCHANDISE SOLD, $302,990
2. DEPRECIATION ON STORE EQUIPMENT $12,750
3. SUPPLIES INVENTORY, JANUARY 31, $5,210 (PURCHASE OF SUPPLIES DURING THE YEAR WERE DEBITED
TO THE SUPPLIES INVENTORY ACCOUNT
4. EXPIRED INSURANCE, $4,660
5. INTEREST ACCRUED ON NOTES PAYABLE, $3,730
6. SALES SALARIES EARNED BUT NOT PAID TO EMPLOYEES, $3,575
7. INTEREST EARNED ON SAVINGS ACCOUNTS, BUT NOT RECORDED $390.

REQUIRED
1. SET UP T ACCOUNTS WITH BALANCES GIVEN ABOVE
2. JOURNALIZE AND POST ADJUSTING ENTRIES, ADDING OTHER T ACCOUNTS AS NECESSARY.
3. JOURNALIZE AND POST CLOSING ENTRIES.
4. PREPARE AN ADJUSTED TRIAL BALANCE
5. PREPARE IN GOOD FORMAT AN INCOME STATEMENT, A STATEMENT OF RETAINED EARNINGS, AND A BALANCE
SHEET ALL AS OF JANUARY 31,

1. We first seup the T- accounts. We transfer the balances given above to the T-accounts
We then pass the adjusting and closing entries. The adjusting entries are with the alphabets
and the closing entries are with numerals

Cash ...

Solution Summary

The solution explains the adjusting entries, preparation of financial statements and the closing entries for Dindorf Company